Two examples of contemporary applications of big data in business


1. Two examples of contemporary applications of big data in business


The organizations have realized the need for evolving from a knowing organization to a learning organization.Businesses want to be more objective and data-driven, and so they are embracing the power of data and technology.

 

1.     Using Big Data Analytics to Boost Customer Acquisition and Retention

The use of big data allows businesses to observe various customer related patterns and trends. Observing customer behavior is important to trigger loyalty. Theoretically, the more data that a business collects the more patterns and trends the business can be able to identify. In the modern business world and the current technology age, a business can easily collect all the customer data it needs. This means that it is very easy to understand the modern-day client. Basically, all that is necessary is having a big data analytics strategy to maximize the data at your disposal. With a proper customer data analytics mechanism in place, a business will have the capability to derive critical behavioral insights that it needs to act on so as to retain the customer base.

Coca-Cola is an example of a business using it.

 

2. Use of Big Data Analytics to Solve Advertisers Problem and Offer Marketing Insights

 

A more targeted and personalized campaign means that businesses can save money and ensure efficiency. This is because they target high potential clients with the right products. Big data analytics is good for advertisers since the companies can use this data to understand customers purchasing behavior. We can’t ignore the huge ad fraud problem. Through predictive analytics, it is possible for the organizations to define their target clients. Therefore, businesses can have an appropriate and effective reach avoiding the huge losses incurred as a result of Ad fraud.

Netflix  is an example of a business using it.

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https://www.mentionlytics.com/blog/5-real-world-examples-of-how-brands-are-using-big-data-analytics/

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